Exchange Board Of India

                                       

The Cabinet is also likely to take up the new Companies Bill after differences over market regulator Securities and Exchange Board of India’s jurisdictions in case of regulatory overlaps have been ironed out between the Finance and Corporate Affairs Ministries

At present, India allows 100 per cent FDI in cash-and-carry wholesale trade that is business-to-business. It permits 51 per cent in single-brand retail such as Louis Vuitton, Jimmy Choo or Fendi. However, FDI is not allowed in multibrand retailing like Walmart, Carrefour and Tesco. The Cabinet will tomorrow be taking for approval both the proposals of increasing the FDI limit in single-brand retail and permitting 51 per cent in multi-brand retail together, a senior official from the Ministry of Commerce and Industry told Business Standard.

Last week, the Department of Industrial Policy and Promotion (DIPP) had sent the final note to the Cabinet, suggesting both the measures after thorough inter-ministerial consultations.

India Economy

India Economy, the third largest economy in the world, in terms of purchasing power is going to touch new heights in coming years. As predicted by Goldman sachs, the global investment bank by 2035 India would be the third largest economy of the world. Just after US and China. It will growth 60% of size of US economy. This booming economy of today has to  pass through many phases before it can achieve the current milestone of 9% GDP
 
Union Budjet 2011-12:
              The Union Budget for 2011 -2012 will be presented on February 28. Given the inflationary environment and spate of scams country is embroiled in, 2011-12 Union Budget provides a perfect opportunity to the government to allay the anxieties of common man.
               The budget may propose an increase the income tax exemption limit to provide some relief to the taxpayer from inflation. Income tax relief can be provided to lower income brackets. There would be relaxation in individual tax slabs with a likely hike in income tax exemption limit.
               This will be a natural move to align with provisions of DTC. This could take the form of raising the tax exemption limit from the current Rs 1, 60,000 to a higher income slab Rs. 2, 00, 000. Presently, income up to Rs 1, 60,000 for men and Rs 1, 90,000 and Rs 2, 40,000 for women and senior citizens is exempted from tax. DTC; GST implementation is unlikely before April, 2012. 

             2011-12 Indian budget can see an increase in the service tax to boost the revenues. The service Tax net is expected to increase either through the addition of new services or the expansion of the scope of the existing services. New set of services that could be bought under the ambit of services tax are CA audit, corporate finance and accounts services, health and education services, legal services, postal services, gas and water distribution, hospital OPD services, retail services, research and experimental development etc.